Koregaon Park realty tops rate chart in Pune

PUNE: The rise in ready reckoner rates for 2014 may have dropped compared to 2013, but the growth story for some city areas remains robust. The rates for residential areas have remained high for Koregaon Park, Erandawane, Shivajinagar, Kothrud and Kalyaninagar. In Pimpri Chinchwad municipal corporation limit, areas including Pimple Gurav, Pimple Saudagar, Wakad and Pimple Nilakh have registered higher rates. Interestingly, apart from fringe areas that are recording growth, there is much activity even in the city’s congested Peth areas.

The state government announced the revised ready reckoner (RR) rate for 2014 on December 31. The rates were revised on the basis of the number of deals registered in a particular area, value of properties quoted and rate at which documents were registered last year.

In Pune, Koregoan Park retained the top slot having registered a maximum rate of Rs 10,437 per sq ft as against last year’s high of Rs 9,490 per sq ft.

In 2013, the state government had increased the RR rates by about 20% in Pune and Pimpri Chinchwad and has increased it by 5-10% for 2014. The ready reckoner rates are used as a reference or a base price for various land deals and property-related matters, however, the actual rates in the open market remain much higher than the RR rates.

The drop in the RR rate reflect two key trends in the real estate sector. One, there are more properties and fewer buyers and builders unwilling to bring down property costs. Two, the sector has recorded a marginal growth.

“There has been a marginal increase in RR rates in various zones. Particularly, rates in Gaothan areas have increased in 2014. These include Erandwane, Shivajinagar, Aundh, Pashan, Yerawada, Dhanori, Lohegaon, Vadgaonsheri and Hadapsar. Increase in rates in Gaothans indicates that new properties are coming up here,” said an official from the office of Inspector General of Registration (IGR) and Controller of Stamps.

The official said RR rates for upcoming residential areas in Pimpri Chinchwad too have gone up. For instance, in 2013 the RR rate in Pimple Gurav ranged between Rs 2,695 per sq ft up and Rs 4,815 per sq ft. In 2014, the rates stand between Rs 3,234 per sq ft and Rs 5,777 per sq ft. In Ravet, the maximum RR rate was Rs 3,300 per sq ft, which has increased to Rs 4,124 per sq ft in 2014.

The official said that RR rates have been quoted for zones in municipal corporations and municipal councils. In rural parts, RR rates have been quoted for talukas. According to IGR, of the 1,280 zones located in municipal corporation areas in Pune division, about 1,277 zones have registered up to 20% increase and the remaining three zones have registered more than 20% increase in the ready reckoner rates. Of the 1,309 zones in the municipal councils, about 1,255 have registered up to 20% increase, while 54 have registered a 20% increase.

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